Pay off property or keep buying new ones?

[Dianne Hernandez]

Hello, we are new to the real estate investment world. Currently we have one long term rental property that we own outright and have a second short term rental property that we pay a mortgage one (mortgage is covered from rental and we are able to make profit after mortgage and utilities are paid for monthly). We have no other debt besides this short term rental. We want to get a third property once we get enough money saved up for a down payment. My question is, would it be smarter to significantly pay down the one property that we owe a mortgage on or continue to let it pay for itself and funnel the money that we are saving toward a down payment on a third property? While I would like to get a third property under our belt, I also know we are throwing money away in interest paid on the loan we have for our mortgage. Any advice is more than welcome!